2012-12-20
2012-12-20
STATION
KQED (PBS) 3
CNNW 2
LINKTV 2
CNBC 1
KRCB (PBS) 1
LANGUAGE
English 10

Set Clip Length:


, is profoundly stuck. the u.k. has been put on negative watch on three largest credit rating agencies. the european union is britain's largest trading partner, europe's economy remains on prepares you footing despite several months of relative calm and there's a growing debate about whether the u.k. should lead the e.u. earlier this month we covered the "economist" magazine read "good-bye europe, look what happened when britain left the e.u. " i'm pleased to have george osborne back on this program and back at this table. >> thank you very much. >> rose: you're in new york city for a speech at the manhattan institute. >> i did that last night and had some meetings on wall street, seeing them there later. >> rose: so what's your message about the british economy to manhattan institute as well as the mayor and wall street? >> well, the basic message is britain is open for business. if you want to come and invest in a country that is dealing with its problems, cutting its business taxes, providing opportunities for companys to go britain is the place. i think we're doing better. >> rose:

if it weren't for the ipad, the uk sales figures would be extraordinarily weak. >> yes. although, you know, for the uk economy, the consumer sector is not the weakest point. i think what is interesting about the uk economy in the last six months is this quite stronger than expected growth. if you look at the gdp number. but a very worrisome trend. so a liberal market that remains very, very firm with respect to other similar economic weakness. and i think that is what we really have to solve on the uk economy to know if this relativerelativ relatively soft, but also, i mean, rather encouraging if you look at other european countries numbers. i think we will have to wait until well into next year to understand if this is going to have a long-lasting consequences on the uk economy and also on the consumer sector. it's too early to say. >> you mentioned it's not necessarily the consumer where we're looking at the gauge of growth in the uk. but we see the employment figures be relatively strong even at a time when gdp generally is weak. what's the disconnect between what we're seeing in the em

to come. in just one instance revealed by the u.k. financial services of 40, ubs made corrupt payments of about $24,000, a quarter over 18 months, to reward brokers for helping to manipulate the global interest rate. the u.k. authorities have already arrested three people in connection with the serious fraud of criminal libor investigation. >> shareholders are getting more serious about asking serious questions with these practices. there have not been enough to drive an enormous or definitive change in the banking culture as a result. this is why many people say the financial companies will not be as significant -- the financial penalties will not be as significant as the criminal police. >> ubs, already rocked by a rogue trading scandal, a tax investigation, and huge subprime losses. >>> william black is a former u.s. federal regulator and associate professor of the economy and law at the university of missouri. >> there is nothing astonishing about this behavior. this is what virtually every large banked active in the market did. and they did this quite predictably because the top m

toward the alpine region. some shower weather for the u.k. and much of france, too. over eastern parts of europe seeing cloudy skies, outbreaks of rain. -14 degrees is expected in moscow. we have a fairly brisk, northwesterly wind making an impact all the way down towards sudan seeing temperatures below average at 29 degrees. as we move into central parts of africa, while the monsoon rains are pushing further, a decent amount of rain is being reported but generally you see the rainfall pushing away from the democratic republic of the," . -- of congo. >> the french president, president hollande, has addressed the parliament as it celebrates 50 years of independence. although he did not directly apologize, he did say he recognized the suffering experienced by algerians. u.n. secretary general ban ki- moon sees little hope for political dialogue and is worried about atrocities being committed by both sides in syria. vladimir putin appears to be distancing himself from the syrian president. he says russia is not backing the syrian government at any cost. south korea's first-team a presiden

, the u.k., and the u.s. >> make no mistake. for u.b.s. traders, the manipulation of libor is about getting rich. as one broker told a derivatives trader, you are getting bloody good at this game. think of me when you are on your yacht in monaco, won't you? >> it is a 1 billion pound fine too much or too little or about right? >> it is not about the fine. what we have got to see is criminal sanctions. the money is tax deductible. certainly the government is amending to make sure if the money goes to good causes and not back to the regulator, but it has to be about sanctions. >> it was so systematic it is now impossible to have confidence in any of the main libor prices over the next few years. libor rates underpinned trillions of dollars, and as they start to sue, they will be looking for a huge damages that could turn out to be a multiple, even of the huge bank finance. more than a dozen big banks are being investigated for rate rating. earlier this year barclays was hit with one for 90 million pounds in fines and penalties. -- 190 million pounds in fines and penalties. vice we had

of this great nation and in other countries of the world. i'm getting phone calls from russia, portugal, uk, people cannot believe what's happening here. people in, like, i was in virginia, i went to d.c. to see our senators on capitol hill. >> you already did that? >> yes, yes i returned this morning. >> do you feel that there is a possibility for change? >> definitely. we met with senior aids to president of the united states. valerie jarrett and she told us this is a personal priority for our president. he is making a personal commitment to advance this cause, to make our schools safe to make our public safe. this should not be a partisan issue this should be an issue for the entire nation. we should join the ranks and we should create policies that are balanced that would -- >> lillian for you, you want to have a civil discussion about this. >> very much so. >> but you want something to come out of this. >> absolutely. i'm not the only one. all of the funerals and wakes i've attended, people have to have it be a civil discussion and change now. there's actually a group now that has form

, serbia, swede and switzerland and the u.k. allows women to serve in artillery. why is america so far behind the rest of the world? >> you know, i think we're just attached to those past rules that have been in place and it is not really taking into account the change in the modern warfare today and the fact that women have really been in combat for the last ten years in the last two wars we've been in. >> john: 14% of the 1.4 million active military are women. but 238,000 jobs across the armed forces are completely off-limits to them. is there any reason that you are given consistently by the brass as to why this is? >> you know, i think the policy is in place just because it has always been in place. the military hasn't quite caught up yet. the reasons tend to be women can't keep up. women don't belong. they won't fit in. and again i don't have to argue about what good women are or the nature of women if we're aggressive enough. i can just point to the last ten years of history and the fact that they have been doing

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